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Earnings Per Share | 12 Months Ended
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Jun. 30, 2016
Earnings Per Share [Abstract] |
Earnings Per Share | NOTE 3 – EARNINGS PER SHARE Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, warrants, and stock awards. The components of basic and diluted earnings per share were as follows:
|  | For the year ended June 30, 2016 |
|  | Net Income |  |  | Shares |  |  | Per Share |
Basic income per share: |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common shareholders |  | $ | 3,402,761 |  |  |  | 10,391,157 |  |  | $ | 0.33 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | - |  |  |  | 190,595 |  |  |  | - |
Warrants |  |  | - |  |  |  | 3,083 |  |  |  | - |
Diluted income per share |  | $ | 3,402,761 |  |  |  | 10,584,835 |  |  | $ | 0.32 |
|  | For the year ended June 30, 2015 |
|  | Net Loss |  |  | Shares |  |  | Per Share |
Basic loss per share: |  |  |  |  |  |  |  |  |  |  |  |
Net loss available to common shareholders |  | $ | (5,548,818 | ) |  |  | 9,728,122 |  |  | $ | (0.57 | )
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  | - |  |  |  | - |  |  |  | - |
Warrants |  |  | - |  |  |  | - |  |  |  | - |
Diluted loss per share |  | $ | (5,548,818 | ) |  |  | 9,728,122 |  |  | $ | (0.57 | )
As of June 30, 2016 and 2015, the following potential dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive.
|  | 2016 |  |  | 2015 |
Stock Options |  |  | - |  |  |  | 708,133 |
Warrants |  |  | - |  |  |  | 163,124 |
|  |  | - |  |  |  | 871,257 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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